Canada's predicted medical cannabis total market 2023-2027

The total medical cannabis market in Canada is estimated to be around 276 million Canadian dollars in 2023. Projections show us that the market will probably stagnate and later decrease. Since the early 2000s, Canada was one of the first countries to legalize medical marijuana under certain conditions. However, laws and regulations continued to change and develop over time. Finally, in October 2018, the Cannabis Act was implemented which formally legalized the cultivation, possession, acquisition, and consumption of marijuana and marijuana-derived products.

Canadian marijuana companies

Today, Canada is home to some of the leading medical marijuana companies. The Canopy Growth Corporation is among the largest. The company is headquartered in Smiths Falls, Ontario, and reported a market capitalization of 5.6 billion U.S. dollars at year-end 2019. Among the global leading companies, six were from Canada. In addition to Canopy Growth, notable Canadian medical marijuana companies include Tilray, Aurora Cannabis, and Cronos Group.

Medical marijuana regulations

As of September 2020, there were 499 licensed marijuana cultivators and/or distributors across Canada, 193 of which were based in Ontario. Previous regulations prohibited medical marijuana users from growing their own marijuana, but with the latest set of regulations introduced through the Cannabis Act individuals are allowed to grow up to four plans for personal usage. The public support for medical marijuana is rather high among Canadians of all age, with the exception of seniors aged 65 and above.